On October 2nd 2012, Ontario’s Healthy Homes Tax Renovation Credit legislation just passed 3rd Reading and will now go for Royal Assent. CARP had supported the passage of this legislation. The Government of Ontario published the following press release on its website:
The passage of the Healthy Homes Renovation Tax Credit Act will allow Ontario’s seniors to renovate their homes so they can live in them safely and independently longer.
Seniors who own or rent homes, and people who share a home with a senior relative will be able to receive the new tax credit worth up to $1,500 each year. The credit will make it more affordable to complete home renovations and installations to help seniors stay in their homes more safely and comfortably, and prevent falls and injuries.
The Healthy Homes Renovation Tax Credit will improve seniors’ quality of life at home and help reduce pressures on more costly hospital and long-term care services.
Helping seniors live independently at home longer supports the McGuinty government’s Seniors Care Strategy and is part of its Action Plan for Health Care to help ensure Ontario’s seniors get the right care, at the right time and in the right place.
- Examples of eligible home modifications include stair lifts, walk-in bathtubs and ramps
- Homeowners should save their receipts for eligible expenses made on or after Oct. 1, 2011.
- Seniors at all income levels can qualify for the tax credit.
- From 2012 onward, the tax credit can be claimed on the Personal Income Tax return for 15 per cent of up to $10,000 in eligible expenses per year.